What information consumes is rather obvious

What information consumes is rather obvious: it consumes the attention of
its recipients. Hence, a wealth of information creates a poverty of attention
and a need to allocate that attention efficiently among the overabundance
of information sources that might consume it. “Designing Organizations
for an Information-Rich World,” in Martin Greenberger,Computers, Communication, and the Public Interest[Baltimore, MD: The Johns Hopkins
Press, 1971, 40–41]
Herbert Simon, Nobel Laureate in Economics
TRADITIONAL ASSET PRICINGmodels assume that information is instantaneously
incorporated into prices when it arrives. This assumption requires that
Da is with University of Notre Dame, Engelberg is with the University of California at San
Diego, and Gao is with University of Notre Dame. We thank Nick Barberis; Robert Battalio; Andriy
Bodnaruk; Zhiwu Chen; Jennifer Conrad; Shane Corwin; Mark Greenblatt; Campbell Harvey (the
editor); David Hirshleifer; Kewei Hou; Byoung-Hyoun Hwang; Ryan Israelsen; Ravi Jagannathan;
Robert Jennings; Gabriele Lepori; Dong Lou; Tim Loughran; Ernst Schaumburg; Paul Schultz;
Mark Seasholes; Ann Sherman; Sophie Shive; Avanidhar Subrahmanyam;

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